Silver Holds Below $31.20
Silver (XAG/USD) prices moved lower to around $31.20, ending a two-day winning streak during the early European session on Thursday(12/5). The Federal Reserve’s (Fed) cautious stance on interest rate cuts weighed on the white metal.
Federal Reserve Chairman Jerome Powell said Wednesday that the strength of the U.S. economy means the U.S. central bank can afford to be “a little more cautious” about decisions about interest rate moves. Joseph Brusuelas, chief economist at RSM US, noted that he does not expect another rate cut after the December meeting until March 2025 at the earliest.
RECOMMENDATIONS
- Buy if price moves to at least $31,399
- Sell if price moves to at least $30,119
Resistance Level 2: $31,779
Resistance Level 1: $31,589
Support Level 1: $30,929
Support Level 2: $30,739
DISCLAIMER
Note: This article is only an analysis and is not a definitive reference. Pay attention to the developments in fundamental and technical aspects of trading before making investment decisions.
Source: newsmaker
